Almost no situation can put the untenable and crushing amount of stress on your life as being in severe debt does. When you find yourself in such a situation, it can be difficult to see the way out. No solution works for every person, but here is a basic road map to finding your way out of a debt crisis.
Why is some property exempt during bankruptcy?
Some property is exempt during bankruptcy, which means that it is not taken by the bankruptcy court and liquidated in order to make payments to creditors as part of the bankruptcy estate. The reason exemptions exist is to ensure that the bankruptcy process has the impact it should. Bankruptcy is meant to help debtors seek a legal way out of crushing debt scenarios while also making some payment to creditors. Taking every single thing a person owned -- particularly things required for daily life -- would have an opposite affect. The person would be left destitute and have to get into debt again to pick up the pieces.
Are you dealing with post-holiday credit card woes?
It's easy to get caught up in the spirit of the holidays, but that often means spending more without thinking it through. When that happens, many people fund holiday spending with credit cards -- an action that is often regretted when January statements hit mailboxes. The best way to prevent such regret is to avoid costly holiday spending, but if you've found yourself in an untenable debt solution at any time of year, there are options for help.
Help working with an assigned trustee for bankruptcy
When a Chapter 7 bankruptcy proceeding is filed through the United States bankruptcy court, the court assigns a trustee to the case. The trustee provides management of bankruptcy funds, including distributing funds to creditors and managing some aspects of asset liquidation that might be associated with the bankruptcy.
3 reasons to shed credit card debt
Credit cards, once a novelty looked upon by many with suspicious eyes, are now a way of life. Most people in the country have at least one credit card, and among people who do carry credit card-related debt, the average amount of debt in an American household is $15,354. While not uncommon, credit card debt has negative side effects that make shedding it a welcome relief for many.
